CanSino Biologics Inc. 康希諾生物股份公司 （於中華人民共和國註冊成立的股份有限公司） 董事會審計委員會工作細則 第一章 總 則 第一條 為 強 化 康 希 諾 生 物 股 份 公 司（以 下 簡 稱「公 司」）董 事 會 決 策 功 能，持 續 完 善公司內部控制體系建設，確保董事會的有效監督管理，不斷完善公司治理結構， 根 據《中 華 人 民 共 和 國 公 司 法》（以 下 簡 稱「《公司法》」）《上 海 證 券 交 易 所 科 創 板 股 票 上 市 規 則》（以 下 簡 稱「《科創板上市規則》」）《上 海 證 券 交 易 所 科 創 板 上 市 公 司 自律監管指引第1號－規 範 運 作》（以 下 簡 稱「《科創板規範運作》」）《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》（以 下 簡 稱「《香港上市規則》」）、香 港 會 計 師 公 會《審 計 委 員 會 有 效 運 作 指 引》等 相 關 法 律、法 規、規 範 性 文 件 及 現 行 適 用 的《康 希 諾 生 物 股 份 公 司 章 程》（以 下 簡 稱「《公司章程》」），公 司 特 設 立 董 ...

康希诺生物(06185)发布公告，桂水发先生及刘建忠先生已提呈辞任独立非执行董事。辞任原因为其担 任独立非执行董事的六年任期即将届满。此外，左敏先生及纪雪峰女士已获提名为第三届董事会独立非 执行董事候选人，但须经股东于临时股东大会上批准。 ...

格隆汇10月27日丨康希诺生物(06185.HK)宣布，桂水发及刘建忠已提呈辞任独立非执行董事。辞任原因 为其担任独立非执行董事的六年任期即将届满。 同时宣布，左敏及纪雪峰女士已获提名为第三届董事会独立非执行董事候选人，惟须经股东于临时股东 大会上批准。 ...

智通财经APP讯，康希诺生物(06185)发布公告，桂水发先生及刘建忠先生已提呈辞任独立非执行董事。 辞任原因为其担任独立非执行董事的六年任期即将届满。此外，左敏先生及纪雪峰女士已获提名为第三 届董事会独立非执行董事候选人，但须经股东于临时股东大会上批准。 ...

Group 1 - Northern Rare Earth reported a net profit increase of 280% year-on-year for the first three quarters, driven by higher sales volume and prices of rare earth products [1] - Postal Savings Bank has received approval to establish a financial asset investment company with a registered capital of 10 billion yuan, aimed at enhancing comprehensive service capabilities and supporting technological innovation [2] - Silyus announced a maximum price of HKD 131.5 per share for its H-share issuance, with a total of 100.2 million shares available for global offering [3] Group 2 - Hengtong Optic-Electric won a bid for marine energy projects with a total contract value of 1.868 billion yuan, including the supply and construction of undersea cables [4] - Western Mining's subsidiary Yulong Copper won exploration rights for the Chating copper polymetallic mine for 8.609 billion yuan, which is expected to enhance the company's resource reserves [5] - China Bank appointed Liu Chenggang as vice president, effective from October 24, 2025 [6] Group 3 - ST Guangwu announced the removal of other risk warnings for its stock, changing its name to Guanghui Logistics, which will allow for a wider trading limit [7] - Wireless Media set an initial transfer price of 29.11 yuan per share for its inquiry transfer, with a subscription multiple of 2.01 times [8][9] - Jiangshan Oupai's subsidiaries in Henan and Chongqing will cease operations due to insufficient orders, with business transferred to its Zhejiang base [10] Group 4 - Zhenyu Technology plans to invest 2.11 billion yuan in precision component manufacturing and humanoid robot projects, with the first phase of investment to be signed soon [11] - Jinyuan Co. announced the resignation of its general manager, with Qiu Yongping appointed as the new general manager [12] Group 5 - CanSino reported a net profit of 27.93 million yuan for Q3, a year-on-year increase of 842.01% [13] - Jiangshan Co. reported a net profit of 86.73 million yuan for Q3, a year-on-year increase of 11,890.01% [14] - Yingshi Innovation reported a net profit of 272 million yuan for Q3, a year-on-year decrease of 15.90% [15] Group 6 - Chip Origin reported a net loss of 26.85 million yuan for Q3, despite a revenue increase of 78.38% [16] - Tonghua Dongbao reported a net profit of 984 million yuan for Q3, a year-on-year increase of 499.86% [17] - Hengrui Medicine reported a net profit of 1.301 billion yuan for Q3, a year-on-year increase of 9.53% [18] Group 7 - Zhongguang Lightning reported a net profit of 6.46 million yuan for Q3, a year-on-year increase of 382.66% [19] - Ice River Network reported a net profit of 166 million yuan for Q3, a year-on-year increase of 244.58% [20] - Daheng Technology reported a net profit of 71.48 million yuan for Q3, a year-on-year increase of 1,960.72% [21] Group 8 - Yanjin Puzhi reported a net profit of 232 million yuan for Q3, a year-on-year increase of 33.55% [22] - Sichuan Gold reported a net profit of 160 million yuan for Q3, a year-on-year increase of 184.38% [23] - Sanbo Brain Science reported a net profit of 13.93 million yuan for Q3, a year-on-year decrease of 63.26% [24] Group 9 - Hengli Petrochemical reported a net profit of 1.972 billion yuan for Q3, a year-on-year increase of 81.47% [25] - Deepin Technology reported a net profit of 147 million yuan for Q3, a year-on-year increase of 1,097.40% [26] - Huisheng Biological reported a net profit of 70.72 million yuan for Q3, a year-on-year increase of 1,575.79% [27] Group 10 - Gaode Infrared reported a net profit of 401 million yuan for Q3, a year-on-year increase of 1,143.72% [28] - Qingdao Beer reported a net profit of 1.37 billion yuan for Q3, a year-on-year increase of 1.62% [29] - Nanjing Public Utilities reported a net profit of 84.62 million yuan for Q3, a year-on-year increase of 2,492.12% [30] Group 11 - Zhangyuan Tungsten reported a net profit of 75.02 million yuan for Q3, a year-on-year increase of 118.56% [31] - Yongmaotai reported a net profit of 30.41 million yuan for Q3, a year-on-year increase of 6,319.92% [32] Group 12 - Tongrun Equipment announced that two shareholders plan to reduce their holdings by 1.50% each, totaling a maximum of 3.00% [33] - High-speed Rail Electric announced a pre-bid for a city rail transit project worth 62.39 million yuan [34]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 CanSino Biologics Inc. 康希諾生物股份公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6185） (1)建議取消監事會 及建議修訂公司章程及議事規則 (2)建議修訂企業管治規則 (3)董事辭任 (4)建議委任獨立非執行董事 康希諾生物股份公司（「本公司」）於2025年10月27日舉行第三屆董事（「董事」）會（「董 事會」）第九次會議，以審議及批准（其中包括）(i)建議取消本公司監事會（「監事會」） 及 建 議 修 訂 本 公 司 公 司 章 程（「公司章程」）及 本 公 司 股 東（「股 東」）大 會 議 事 規 則 及 董 事 會 議 事 規 則（統 稱「議事規則」）；(ii)建議修訂若干企業管治規則；及(iii)建 議 委任獨立非執行董事。 建議取消監事會及建議修訂公司章程及議事規則 董事會謹此宣佈，於2025年10月27日，董 事 會 經 審 議 及 批 准（其 ...

Financial Performance - Total revenue for the reporting period reached RMB 310,238,146.22, representing a year-on-year increase of 17.67%[6] - Net profit attributable to shareholders was RMB 27,925,556.13, showing an impressive increase of 842.01% compared to the same period last year[6] - Basic and diluted earnings per share were both RMB 0.11, reflecting a significant increase of 1,000% from RMB 0.06 in the previous year[7] - The total profit for the period was RMB 27,790,806.52, a remarkable increase of 695.73% compared to the same period last year[6] - The total profit for the reporting period reached RMB 842.01 million, representing a year-on-year increase of 695.73%[13] - The net profit attributable to shareholders for the reporting period was RMB 27.93 million, with a significant year-on-year increase[14] - Other income recognized during the reporting period amounted to RMB 91.60 million, reflecting a year-on-year growth of 233.63%[13] - The comprehensive gross profit margin for the reporting period was 80.67%, an increase of 6.47 percentage points year-on-year[17] Research and Development - Research and development expenses totaled RMB 90,547,462.82, a decrease of 16.10% year-on-year, accounting for 29.19% of total revenue, down 11.74 percentage points[7] - Research and development expenses for the first three quarters of 2025 amounted to ¥224,666,107.48, down from ¥272,272,224.71 in 2024, reflecting a decrease of approximately 17.5%[35] Cash Flow and Operating Activities - The company reported a net cash flow from operating activities of RMB 33,494,897.39 for the reporting period[6] - The net cash flow from operating activities for the reporting period was RMB 22.22 million, reversing from a net outflow in the previous year[18] - The net cash flow from operating activities for the year-to-date period was RMB 33.49 million, also showing a reversal from the previous year's outflow[18] - Cash flow from operating activities generated a net cash inflow of ¥33,494,897.39 in the first three quarters of 2025, compared to a net cash outflow of ¥287,414,483.35 in the same period of 2024[42] Assets and Liabilities - Total assets at the end of the reporting period were RMB 7,301,190,997.13, a decrease of 8.25% from the previous year[7] - The company's total assets as of September 30, 2025, were ¥7,301,190,997.13, a decrease from ¥7,958,132,235.38 at the end of 2024[30] - Current assets totaled ¥3,939,112,041.80 as of September 30, 2025, down from ¥4,282,490,715.65 at the end of 2024, representing a decline of about 8.0%[29] - Total liabilities decreased to ¥2,369,829,747.59 as of September 30, 2025, from ¥3,048,260,581.65 at the end of 2024, indicating a reduction of approximately 22.3%[31] Equity and Shareholder Information - The return on equity increased to 0.57%, up 0.51 percentage points from the previous year[7] - The total equity attributable to shareholders was ¥4,931,361,249.54 as of September 30, 2025, up from ¥4,909,871,653.73 at the end of 2024, showing a slight increase of approximately 0.4%[32] - The company reported a net loss of ¥(1,922,857,713.42) for the equity attributable to shareholders as of September 30, 2025, compared to a loss of ¥(1,937,297,858.98) at the end of 2024, indicating a slight improvement[32] Operational Efficiency - The company achieved a significant improvement in operational efficiency through resource integration[14] - The company continues to enhance its accounts receivable management, leading to improved cash collection in its vaccine-related business[18] Future Outlook - The company will implement new accounting standards starting from 2025, which may affect the financial statements[44]

Core Viewpoint - The A-share and Hong Kong stock pharmaceutical sectors have shown significant structural differentiation in 2023, with innovative drugs recovering in valuation due to policy relaxation and global collaboration, while the vaccine sub-sector lags behind due to price wars and a shrinking infant vaccination population, presenting an opportunity for investment in undervalued vaccine stocks [1] Industry Logic - The lagging performance of vaccine stocks creates a "catch-up" opportunity driven by four interrelated factors: performance cycles, valuation levels, product iteration, and market space [2] - The year 2024 is seen as a "stress test year" for the vaccine industry, with a significant decline in revenue and profit due to homogenized competition and price wars, but signs of recovery began to emerge in Q2 2025 [3] - The vaccine sector has undergone two years of valuation digestion, entering a historical valuation trough, with the median P/E ratio of vaccine companies falling below the overall pharmaceutical industry by 25 percentage points [4] - The traditional vaccine market is shrinking, with the proportion of infants aged 0-6 years declining from 64.6% in 2020 to 43.7% in 2024, prompting leading companies to upgrade products to high-end and multi-valent vaccines to find new growth paths [7] - The adult vaccine market and international demand present significant growth opportunities, with China's vaccination rates for flu vaccines remaining low compared to the U.S., and overseas markets offering potential due to lower production costs and flexible cooperation [8] Company Analysis - The market undervalues CanSino Biologics, perceiving it as a "Biotech" reliant on a few products, while it has made substantial progress in commercial maturity, financial health, technological barriers, and global expansion [9] - CanSino's transition from "Biotech" to "Biopharma" is evidenced by its ability to generate sustainable revenue, with Q3 2025 revenue reaching approximately 693 million yuan, a 22.13% increase year-on-year, and a net profit of approximately 14.44 million yuan [10] - The company's cash flow has improved significantly, with a net cash flow from operating activities of 33.49 million yuan in Q3 2025, providing financial support for pipeline advancement [11] - CanSino's five technological platforms create a core barrier, with multiple innovative vaccine products targeting various diseases, including a recently approved 13-valent pneumococcal polysaccharide conjugate vaccine [12][13] - The internationalization strategy of CanSino, focusing on "technology output + localized production," is undervalued, with successful registrations and partnerships in regions like Indonesia and the Middle East [15] Conclusion - The vaccine industry is undergoing a "淘汰赛" (elimination race), with significant pressure on homogenized companies, while CanSino has built resilience through unique advantages and a diversified pipeline [16]

Core Insights - The company, CanSino, reported a revenue of 692,568,069.77 yuan for the first three quarters, representing a year-on-year increase of 22.13% [1] - The net profit attributable to shareholders of the listed company for the same period was 14,440,145.56 yuan [1] - New shareholders among the top ten circulating shareholders include HKSCC NOMINEES LIMITED, CHAMPDEN LLC, and Hong Kong Central Clearing Limited [1]

证券代码：688185 证券简称：康希诺 公告编号：2025-034 康希诺生物股份公司 关于独立非执行董事辞任并选举独立非执行董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、独立非执行董事辞任的情况 康希诺生物股份公司（以下简称"公司"）董事会近日收到公司独立非执行董 事桂水发先生和刘建忠先生的书面辞任报告，因其连续担任公司独立非执行董事 期限将满 6 年，桂水发先生申请辞去公司第三届董事会独立非执行董事、公司董 事会薪酬与考核委员会主任委员、审计委员会委员及提名委员会委员职务；刘建 忠先生申请辞去公司第三届董事会独立非执行董事、提名委员会主任委员及审计 委员会委员职务。在公司股东大会选举出新任独立董事就任前，桂水发先生和刘 建忠先生仍将按照法律法规和《公司章程》的规定继续履行独立非执行董事及董 事会专门委员会的职责。 二、选举独立非执行董事的情况 为保证公司规范运作，公司于 2025 年 10 月 27 日召开第三届董事会第九次会 议，审议通过了《关于选举第三届董事会独立非执行董事的议案》，董事会搜集、 ...